Russian Ministry Criticises Draft Bill Banning Bitcoin

Russia's Ministry of Economic Development has criticised a proposed ban on "cash equivalents", according to a report. The ministry said that legislation aimed at banning cash equivalents, including digital currencies like bitcoin, could have negative effects on retailers, telecom operators and banks. Specifically, some provisions of the bill could create excessive restrictions and obligations, creating unreasonable costs for businesses, it said. The ministry therefore asked that the bill be reworked and resubmitted for further consideration. The bill in question was drafted earlier this....

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A draft bill submitted to Russia’s legislative assembly, the Duma, is updated to a new draft edition that may be reviewed as early as February. The updated draft is likely to exclude harsh punishments such as imprisonment for trading bitcoin and other cryptocurrencies, a punishment previously suggested by the Russian Finance Ministry. The legislative initiative – originally forwarded in December – was initially seen as the first step to definitively criminalize cryptocurrency dealings and ban the use of bitcoin and other digital currencies. The draft bill came in the....

The Ministry of Justice in Russia has, once again, not agreed to a draft bill put forth by the Finance Ministry seeking to ban bitcoin and introduce criminal liabilities to those who adopt, transact or mine the cryptocurrency.
The Russian Ministry of Justice has disagreed with the bitcoin bill prepared by the Ministry of Justice, despite the bill being the second version of the draft, due to be entered into the State Duma – the lower chamber of the Russian Parliament.
The first draft saw the Ministry of Justice disagreeing with some of the wording of the bill, specifically the lack....

The draft law proposed by the Ministry of Finance in Russia to ban the circulation of cryptocurrencies like bitcoin in the Russian Federation is delayed in its entry to the State Duma.
A proposal by the Finance Ministry that is seeking to officially ban bitcoin and cryptocurrencies in Russia has hit a delay. The draft law will enter the State Duma –the lower chamber of the Russian Parliament – later than expected. The delay in introducing the bill is due to a multitude of comments and revisions suggested by reviewers critiquing the draft. Additional details of the proposed....

Deputy Head of Russia's Ministry of Finance Alexei Moiseev has said Russia is likely to pass its digital currency ban in the spring of 2015, according to a report by Russian business news agency Prime. "We might accept this law during this session, but most probably we will do it in spring," Moiseev said. Russia's Ministry of Finance has announced proposals to ban the issuance of bitcoin and any operations involving cryptocurrency. On Friday (1st August), the Finance Ministry announced on the government's regulation website that it was drafting a bill relating to cryptocurrencies, which,....

The Ministry of Justice and the Interior Ministry in Russia have – according to reports – questioned the “public danger” that Bitcoin supposedly brings, as proposed by the Russian Ministry of Finance.
Unsubstantiated reports from Russian news outlets quoting prominent Russian news agency Interfax have revealed voices in the Ministry of Justice and the Interior Ministry to question and even oppose the Russian Finance Ministry’s proposal for a bitcoin banning bill.
A source from “the financial and economic block” of the government has reportedly....

Quotes

Just tried to buy breakfast w bitcoins. Refused. #whenwilltheworld catchuptomyhipness? (taken from his official twitter page)